AAPL’s initial bounce after getting sold hard last Monday looked distributive, but when the stock leveled off to finish the week just below the midpoint of the selloff, it was warning bears not to get too comfortable. I’ll need to see a couple more days of price action to determine who are the patsies– bulls or bears — but my bias for the moment is with the former, since the stock’s swings from Tuesday on failed to generate any bearish impulse legs even on the lowly 15-minute chart. We’ll simply observe for now until we get more clarity or perhaps even a fat pitch. _______ UPDATE (Jul 20, 9:43 p.m. EDT): I usually wait until a stock has demolished a midpoint resistance before I signal the all-clear to its corresponding D target, but why wait. Here’s a chart that shows a logical path to 424.05, about 8% above these levels, and there’s no good reason to think it won’t be reached. When it happens, the geniuses who have been riding the move while touting AAPL to their clients will be about $21 billion richer. The only way we will be able to trade the move is via mechanical entries, so stay tuned to the chat room if you care.